BING-JHEN HONG
Foxconn Technology (OTCPK:FXCOF) will invest about $551M in two new projects in Vietnam’s province of Quang Ninh, Bloomberg News reported.
The Apple (AAPL) supplier — which is formally known as Hon Hai Precision (OTCPK:HNHAF) (OTCPK:HNHPF) — was given a license for a $264M project in Song Khoai Amata Industrial Park to make smart entertainment products, with a designed capacity of about 4.2M units per year, the report added citing a posting on the provincial government’s website.
The company was also given permission to invest in a $287M project in Bac Tien Phong Industrial Park to produce smart-system equipment.
The two new projects take the total promised investment by Foxconn in the province to around $1B, the report noted.
The Quang Ninh provincial government will make a working group to help the company advance the process faster through “supportive measures” to complete construction by September 2025. Last year, the government announced two other Foxconn facilities which would manufacture electronic components, helped with a total investment of $246M, the report added.